To access the free 401k Retirement
Calculator, go
here. Here is a snapshot of the calculator:
- Your payments or contributions
are made at the END of the periods.
- The maximum 401k contributions
per year that you are allowed to make are controlled by
the IRS. For example, the maximum 401k contributions for
the year 2006 are $15000. Go here to learn more about
the maximum 401k contributions.
The calculator is not functioned to determine whether
you are over contributing money or not.
- The final numbers generated are
rounded off and only approximations, and should only be
used as a guide.
- Current 401k Balance: $30,000
- Current Annual Income: $40,000
- Expected Annual Salary Increase:
3% (this means your salary or Gross Wage
goes up by 3% each year)
- Percent of Salary Withheld for
401k: 5% (this is the annual percentage
of your salary that goes towards making 401k contributions).
You can change it from monthly, quarterly, semi-annually,
annually, etc.
- Employer Match: 100% and
5% (this is the percentage amount that your employer
contributes towards your 401k plan every year. Your employer
will therefore contribute 100% of a maximum of 5% of your
annual salary. You can change it from monthly, quarterly,
semi-annually, annually, etc).
- Years to Fund: 8 years
(this is the # of years you would like your 401k
retirement savings to grow).
- Average Annual Interest Rate Earned:
5% (this is how much interest rate compounded
annually that your contributions earn).
Fund 401(k) for 8 years
Annual Income of $ 40,000.00- increasing 3% per year
Beginning Balance= $ 30,000.00
Contribute 5% of Salary -Invested Annually
Your Employer will match 100% up to 5% of salary - Annually
Annual Interest Rate = 5% - Compounded Annually
| Year |
Beginning Balance |
You Contribute |
Employer Contributes |
Earnings |
Ending Balance |
| 1 |
$30,000 |
$2000 |
$2000 |
$1500 |
$35,500 |
| 2 |
$35,500 |
$2060 |
$2060 |
$1775 |
$41,395 |
| 3 |
$41,395 |
$2,121.80 |
$2,121.80 |
$2,069.75 |
$47,708.35 |
| 4 |
$47,708.35 |
$2,185.45 |
$2,185.45 |
$2,385.42 |
$54,464.68 |
| 5 |
$54,464.68 |
$2,251.02 |
$2,251.02 |
$2,723.23 |
$61,689.94 |
| 6 |
$61,689.94 |
$2,318.55 |
$2,318.55 |
$3,084.50 |
$69,411.54 |
| 7 |
$69,411.54 |
$2,388.10 |
$2,388.10 |
$3,470.58 |
$77,658.32 |
| 8 |
$77,658.32 |
$2,459.75 |
$2,459.75 |
$3,882.92 |
$86,460.74 |
| Totals: |
|
$17,784.67 |
$17,784.67 |
$20,891.39 |
|
